Chilean pension fund crisis triggers regulatory investigations

The Chilean pension industry is facing intense scrutiny following significant losses in the D and E funds. The E fund has recorded a negative real return of 10.39% between January and September 2026, sparking widespread concern among affiliates.

León Fernández de Castro, president of the Association of AFP, defended the industry's long-term investment strategies, attributing the losses to unexpected international interest rate shifts. He stated that the industry will cooperate with authorities and that sanctions should be applied if errors are proven. Meanwhile, the Superintendency of Pensions has initiated sanctioning procedures against the seven administrators operating in the country.

In Congress, Deputy Jaime Araya has secured the 62 signatures required to request an investigative commission to examine the decisions of the administrators and the performance of regulatory bodies. Additionally, experts such as Sebastián Edwards have emphasized the need to investigate whether boards of directors fulfilled their fiduciary duties of care and supervision regarding the use of derivatives and investment exposure.